Cyril Amarchand Mangaldas (CAM), Latham & Watkins, Khaitan & Co, Sidley Austin and JSA advised on the proposed initial public offering of equity shares of the National Stock Exchange of India Limited (NSE), comprising an offer for sale of up to 148,905,525 equity shares by certain existing shareholders.

NSE is the largest stock exchange in India in terms of total turnover in the cash market and equity derivatives segment, and has also been the country’s largest exchange in exchange-traded currency derivatives over multiple fiscal years. The company filed its draft red herring prospectus for the proposed IPO, with a syndicate of 20 book running lead managers appointed on the transaction.

The BRLMs included Kotak Mahindra Capital Company, JM Financial, Morgan Stanley India, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), J.P. Morgan India, SBI Capital Markets, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital Advisors, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital Markets & Securities, IIFL Capital Services, Motilal Oswal Investment Advisors, Nuvama Wealth Management, Pantomath Capital Advisors and 360 ONE WAM.

CAM acted as Indian legal counsel to NSE.

The CAM team comprised Senior Partner Yash J. Ashar, Partner and Head (Capital Markets) Manan Lahoty, Partner and Regional Co-Head (Capital Markets – West) Devaki Mankad, Partner Oishika Dasgupta, with assistance from Principal Associate Rishav Buxi, Senior Associates Vartika Bhatnagar and Abishek Sankar, and Associates Arjun Badola, Tanishq Mohta, Aditya Maheshwari, Gaurav Lalwani, Khushi Parekh, Rishika Saraswat and Sajal Soni.

Managing Partner Cyril Shroff, and Senior Partner L. Viswanathan provided guidance on the transaction.

Latham & Watkins acted as international counsel to NSE.

Khaitan & Co acted as domestic counsel to the book running lead managers.

The deal team included Sudhir Bassi, Madhur Kohli, Thomas George, Nagashayana S, Prathiksha Panduranga, Aadhya Singh, Jash Botadra, Tharun Vadlapatla, Varun Nair, Lakshmi Raj C, Rupa Veena S, Anveeksha Anand, Nayonika Chatterji, Shishir Mani Tripathi, Shreya Shetty GR and Siddhil Shah.

Sidley Austin acted as international counsel to the BRLMs.

JSA advised one of the institutional selling shareholders on the IPO.

The JSA team benefited from strategic inputs from Vikram Raghani. The mandate was led by Partner Arka Mookerjee, with support from Partners Pracheta Bhattacharya, and Sourav Modi, and Associate Prateek Khandelwal.